BlackRock: ESG tightrope is hard to navigate
Depending on whom you ask, BlackRock is either too green or not green enough. The world’s largest asset manager has come under fire from both sides of the climate change debate. On its earnings call on Thursday, the group emphasised the choice they offer its clients on environmental, social, and governance issues.
Some clients are unhappy nonetheless. Republican-led US state governments find BlackRock’s ESG policies irksome. Louisiana, Utah, and South Carolina are among those that are pulling money from the fund manager. Texas, among others, have threatened to do the same.
At the same time, BlackRock gets flak by officials in blue states, including the New York City comptroller, for investing billions into oil, gas, and coal companies while publicly touting its climate change efforts.
This story originally appeared on: Financial Times - Author:Tax Cognition
